Group 1: Company Performance and Strategy - The Colombo International Container Terminal (CICT) maintains a healthy capacity utilization rate, unaffected by the new terminal's launch due to strong demand in the Colombo port region [1][2] - The company reported a 50.4% increase in contract liabilities, reaching 403 million yuan by the end of Q3 2025, primarily due to increased customer prepayments [5] - In the first half of 2025, the port business accounted for 97.2% of the company's net profit, while bonded logistics contributed 2.5% and other businesses 0.4% [7][12] Group 2: Market and Policy Impact - The company is actively monitoring and researching national policies aimed at enhancing overseas service systems and reducing logistics costs, aiming to leverage these opportunities for growth [3][4] - The company is focused on enhancing its global competitiveness by strategically investing in key ports and emerging markets, despite not participating in new container terminal investments this year [17] Group 3: Operational Insights - In October 2025, the Pearl River Delta port area achieved a container throughput of 1.518 million TEUs, a year-on-year increase of 4.2%, driven by growth in business volume at key terminals [8] - The company is advancing the second phase of the Dachan Bay project, which is designed to handle an annual throughput of 2 million TEUs to alleviate capacity constraints [9] Group 4: Shareholder Value and Market Performance - The company completed a share repurchase plan in September 2025, buying back approximately 389 million yuan worth of shares, close to the upper limit of the plan [16] - The company's stock price is influenced by various factors, including macroeconomic conditions, industry trends, and company fundamentals, with ongoing efforts to enhance operational efficiency and sustainable development [6]

Group 1 - The company has reduced financing costs through measures such as renegotiation and early replacement [2] - In the first half of 2025, the company's financial expenses decreased by 159 million yuan, representing a year-on-year decline of 16% [2]

Core Viewpoint - The company, China Merchants Port (招商港口), has indicated that it will disclose the number of shareholders in its regular reports, and investors are advised to pay attention to these reports for relevant information [1] Group 1 - The company responded to investor inquiries on November 20 regarding shareholder information [1] - The company emphasized that the number of shareholders will be uniformly disclosed in periodic reports [1]

Core Viewpoint - China Merchants Port (001872) confirmed its status as a subsidiary of China Merchants Industry Holdings (0144.HK), with a direct and indirect ownership stake of 49.67% in the latter [1] Group 1 - China Merchants Port (001872) responded to investor inquiries on November 20 regarding its ownership structure [1] - The company holds a significant stake in China Merchants Industry Holdings (0144.HK), indicating a strong relationship between the two entities [1]

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

Group 1 - The company announced the maturity and repayment of its first ultra-short-term financing bond for 2025, which was issued on May 19, 2025, with a scale of 2 billion yuan and a term of 180 days at an interest rate of 1.51% [1][2] - The company received a registration notice from the China Interbank Market Dealers Association for its debt financing tools, valid for two years from the date of issuance [1] - The bond was successfully repaid on November 16, 2025, with details available on the Shanghai Clearing House and China Money websites [2] Group 2 - The company held its second extraordinary general meeting of shareholders on November 17, 2025, with a total of 72 participants representing 2,237,587,774 shares, accounting for 90.1601% of the voting shares [5][9] - The meeting was conducted through a combination of on-site voting and online voting, ensuring compliance with relevant laws and regulations [7][8] - The proposal regarding financial assistance to a subsidiary was approved, with no conflicts of interest reported among the voting shareholders [12]

2025 年 5 月 19 日，本公司发行了 2025 年度第一期超短期融资券（简称 "25 招商局港 SCP001"，代码：012581169），发行规模为 20 亿元，期限为 180 天，票面利率为 1.51%。有关发行结果的具体内容详见 2025 年 5 月 22 日本 公司披露的《关于 2025 年度第一期超短期融资券发行结果的公告》（公告编号： 2025-038）。 本公司 2025 年度第一期超短期融资券已于 2025 年 11 月 16 日到期，本公 司已在到期日兑付了该超短期融资券本息，有关超短期融资券兑付公告详见上 海 清 算 所 网 站 （ www.shclearing.com.cn ） 和 中 国 货 币 网 （www.chinamoney.com.cn）。 特此公告。 招商局港口集团股份有限公司 董 事 会 2025 年 11 月 18 日 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-080 招商局港口集团股份有限公司 关于 2025 年度第一期超短期融资券到期兑付的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-081 招商局港口集团股份有限公司 2025 年度第二次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 本次会议没有否决议案；本次会议不涉及变更前次股东会决议。 一、会议召开和出席的情况 （一）召开情况 1.召开时间： （1）现场会议时间：2025 年 11 月 17 日（星期一）15:30； （二）出席情况 1.出席的总体情况： 股东及股东授权委托代表共 72 人，代表股份数为 2,237,587,774 股，占本次会 议本公司有表决权股份总数的 90.1601%。其中：出席现场会议的股东（含股东授权 1 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网 投票系统投票的时间为 2025 年 11 月 17 日 9:15-15:00 期间的任意时间。 2.召开地点：深圳市南山区工业三路 1 号招商局港口 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于招商局港口集团股份有限公司 2025 年度第二次临时股东会的法律意见书 致：招商局港口集团股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席招商局港口 集团股份有限公司（以下简称"公司"）2025 年度第二次临时股东会（以下简称"本 次股东会"），并就本次股东会的召集和召开程序、参与表决和召集会议人员的资 格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-078 招商局港口集团股份有限公司 关于 2025 年度第二期超短期融资券发行结果的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 招商局港口集团股份有限公司（以下简称"本公司"）于 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露收 到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年。 本公司于 2025 年 11 月 12 日披露了《关于发行 2025 年度第二期超短期融资 券的提示性公告》（公告编号：2025-075）。 2025 年 11 月 12 日，本公司发行了 20 亿元的 2025 年度第二期超短期融资券， 2025 年 11 月 13 日资金已全额到账。现将发行结果公告如下： | 超短期融资券名称 | 招商局港口集团股份 有限公司 2025 年度 | ...